CandleFocus Is Chainlink (LINK) $12 Breakout Imminent? Data Reveals A Rising Open Interest
2024-09-11
Author: Content Editor
Chainlink (LINK) is currently in a consolidation phase after a period of volatility and selling pressure, with its price holding above a crucial support level of $10. Analysts and investors are showing interest in the altcoin, anticipating higher prices in the near future. Data from Santiment indicates rising open interest, indicating sustained demand for Chainlink and potentially signaling a price rally on the horizon. Many analysts see the current stabilization at $10 as a turning point for Chainlink, with growing optimism for future gains. If the consolidation continues and momentum builds, LINK may break past its recent resistance and aim for higher levels. However, LINK is currently testing key supply levels and will need to reclaim the 4-hour 200 moving average at $10.71 to maintain bullish momentum. Failure to do so could result in a pullback with support expected around $9.30, reinforcing downside risk. The next few days will be crucial in determining LINK's price trajectory.
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